It is in the interest of CGG and all its stakeholders that this restructuring plan be implemented as quickly as possible, in order to preserve the Group’s commercial positions, and correlatively protect the value and of its business and its employees’ jobs.
The creditors’ vote took place in France on July 28, 2017; the lenders’ committee unanimously approved the draft safeguard plan and the bondholders general meeting by a majority of 93.5% of the creditors who cast a vote.
The creditors’ vote in the United States ended on September 22, 2017. All holders casting ballots with respect to the Secured Loans voted unanimously in favor of the plan, and of those holders voting in respect of the Senior Notes 98% in debt amount voted in favor of the plan.
The shareholders’ general meeting approved on November 13, 2017 on second notice the financial restructuring plan. The French court and US court approved it respectively on December 1st, 2017 and December 21st, 2017.
The indicative timing for the rights issue being a launch mid-January with a view to an effective implementation of the restructuring plan by the end of February 2018 at the latest.